20 March 2013

ESMA publishes opinion on framework for assessment of third country prospectuses / Update to CESR recommendations on PD

This opinion explains a framework for third country share prospectuses under Article 20, and sets out the role of the EU Member States' competent authorities in scrutinising prospectuses under these arrangements.

Following consultation CESR/10-411, ESMA has decided to reissue CESR’s recommendations for the consistent implementation of the European Commission’s Regulation on Prospectuses nº 809/2004 (CESR/05-054b) published in January 2005 with an update of paragraphs 131-133 of the recommendations included in the previous document published in January 2005 (CESR/05-054b).

The recommendations have not, however, been adopted as recommendations under Article 16 of the ESMA Regulation and therefore the ‘comply or explain’ mechanism established under that Article does not apply.

Press release

Full opinion

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